The Yorkshire-based mutual has unveiled a two -year fix, available under the government’s Help to But equity loan scheme.

The new mortgage is available at 1.59% for borrowers with a 25% deposit. Both purchase and remortgage customers can access the deal, which comes with a £799 fee.

For those looking to avoid extra charges, a fee-free version at 1.95% is also on offer and comes with £250 cashback.

Both versions of the mortgage come with a free valuation for properties worth up to £500,000 and are available through mortgage brokers for properties in England, Scotland and Wales.

Martin Richardson, Leeds Building Society’s director of business development, said that many people who took out a Help to Buy mortgage at launch were now looking to switch to a more competitive rate.

“Two years on from the launch of the Help to Buy equity scheme, lots of borrowers will be coming to the end of their initial deals and seeking a competitive remortgage package,” he said

“We’d expect the fee-free version with cashback and free valuation to be attractive to remortgagors who are looking to keep down the cost of switching to a new deal.”